20 October Spending Review 2010
Chancellor George Osborne delivered his Spending Review yesterday afternoon to the House of Commons.
In summary key highlights are:
• Tax relieved pension contributions/accrual will effectively be limited to an annual allowance of £50,000 from 6 April 2011, although it will be possible to carry forward unused annual allowances from the previous three years
• Auto-enrolment goes ahead from 2012 and NEST, the centralised default option for employers without their own good quality pension scheme, will also continue. NEST plans to launch on a voluntary basis in spring 2011
• Male and female state pension age will be equalised at 65 by November 2018 and the increase to 66 for men and women will be completed by April 2020
• Many low income individuals, and some higher rate taxpayers, will be impacted by wide ranging changes to state benefits.
Garry Hale HK Wealth Managers Ltd
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About Me
- Garry Hale
- Garry Hale is Director of HK Wealth Managers Ltd. Providing fee based professional independent financial advice.